Answer:
A = $18,326.00
(assuming simple interest)
Step-by-step explanation:
Assuming simple interest, the following formula applies:
final amount = (principal amount) x [1 + (annual rate)(time elapsed) ]
or
A = P (1 + rt)
in our case,
P = $7,700
r = 5.75% = 0.0575
t = 24 years
hence,
A = 7700 [ 1 + (0.0575)(24)]
A = 7700 ( 1 + 1.38)
A = 7700 x 2.38
A = $18,326.00
